Are your employee benefits working hard enough to attract the top marketing talent?
Karen Lloyd employer, remuneration, retention...
Are you struggling to attract and retain the calibre of marketing employees that you would really like for your team? Not unusual in today’s uncertain market, however if you are confident you are paying marketing salaries at market rate, it may well be worth your while considering what benefits package you have to offer.
78% of employees consider benefits very or extremely important in their decision to take a new job
69% of candidates would choose one job over another if it offered better benefits
It is not just about attracting new employees, benefits also play an important part in retaining your existing talent as Towers Watson discovered:
75% of employees are more likely to stay with their employer because of their employee benefits package.
Marketing as a specialism is no different when it comes to the value placed on employee benefits when considering a job role, and the role they play in retaining employees. Anecdotally, we find this becomes more relevant the more senior the position. A candidate tends to consider the whole package on offer, not simply the salary.
As a rule, the financial elements of employee benefits are the ones that people look at. Contributory pension schemes, health insurance and company cars are all attractive parts of a package and will matter a great deal when negotiating with marketing candidates. However, there are a number of overlooked benefits that are held in high esteem by marketing employees too.
- Flexible working is one of the key benefits that marketing employees cite as important or very important to them – 90.1% according to Marketing Week’s 2019 Salary Survey. It appears however, that employers are not stepping up to meet this need, with just 46.4% of marketers able to take advantage of flexible working. It is a trend that is on the rise, but clearly not fast enough for employees.
- Maternity / paternity leave: O2 recently announced that they have increased paid paternity leave from 2 to 14 weeks for permanent employees. In their announcement, O2 stated that “We’ve seen that encouraging flexible working has a direct impact on motivating and retaining the best people, as well as attracting top talent to our business.”
- Reward and recognition are key parts of any strong employee retention strategy. Whether a structured process or a recognition scheme with peer nomination pays dividends. Don’t forget to include the softer skills in addition to hitting targets.
- Training and professional development are very real motivators, especially for mid-level and junior marketing job roles. A commitment to training will often win you the job offer. It isn’t just about new employees however, just under a quarter of B2B marketers had no training whatsoever offered last year – a concerning statistic when it is rated so highly by marketers.
Ultimately, if you aren’t offering salaries at market rates, you will struggle to attract and retain the top marketing talent for your industry. However, in a tough market where you need to do all you can as an employer, it would be foolish to overlook the role that benefits can play in helping not only to make your proposition more attractive, but to keep a motivated marketing team on board long term.
If you are struggling to find the right calibre of marketing candidates, then why not give us a shout and chat about your recruitment plans. Our well established network of the top marketing talent may be just what you need.